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India : RBI extends Directions issued to CKP Co-operative Bank Ltd, Mumbai, Maharashtra till July 31, 2016.

The Reserve Bank of India notified that CKP Co-operative Bank Ltd, Mumbai, Maharashtra, was placed under directions for a period of six months vide directive dated April 30, 2014 from the close of business on May 2, 2014. The validity of the directions was extended four times, vide directives dated October 21, 2014 for a period of three months; January 20, 2015 for a period of six months; July 9, 2015 for a period of three months and October 28, 2015 for a period of three months. It is hereby notified for the information of the public that the period of operation of the directive dated April 30, 2014 read with directives dated October 21, 2014, January 20, 2015, July 9, 2015 and October 28, 2015 has been extended for a further period of six months from January 31, 2016 to July 31, 2016 vide Reserve Bank directive dated January 19, 2016, subject to review and subject to the following modification:

A sum not exceeding ?10,000/- (Rupees ten thousand only) of the total balance held in every savings bank or current account or term deposit account or any other deposit account (by whatever name called), may be allowed to be withdrawn by depositor, provided that wherever such depositor is having liability to the bank in any manner, i.e. either borrower or surety, including loans against the bank deposits, the amount may be adjusted first to the relevant borrowal accounts.

The other terms and conditions of the directive under reference remain unchanged.A copy of the directive dated January 19, 2016 notifying the above extension and modification is displayed at the banks premises for the perusal of public.

The aforesaid extension and/or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank.

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Publication:Mena Report
Geographic Code:9INDI
Date:Jan 23, 2016
Words:328
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